A new report issued in the wake of the sudden closing and ensuing bankruptcy of ITT Tech places the blame for the for-profit school's demise on the company's leadership, not the U.S. Department of Education that discontinued federal student loan funding for its students.

As reported in the Huffington Post, PAA Research released a detailed, 17-page analysis suggesting that the cause for the school's demise was the product of ITT Tech's own business model.

According to the Huffington Post account of the research study, "It’s a detailed confirmation of everything ITT did wrong: (1) it charged sky-high tuition; (2) its educational quality was 'abysmal' with 'shockingly low' spending on instruction; (3) it took about 95 percent of its revenue from government sources, and depended on putting the financial risks on the government and outside lenders; (4) it spent billions on executive compensation and stock buybacks to boost the company’s share price; [and] (5) it engaged in risky schemes to try to stay in compliance with federal rules."

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